Trump Criticizes Powell, Eyes Tariff Hikes on India and Plans Drug and Chip Tariffs

In CNBC’s “Squawk Box” on Tuesday, President Donald Trump once again criticized Fed Chair Jerome Powell for delaying interest rate cuts and revealed that he has narrowed down the list of potential future Fed chair candidates to four, excluding Treasury Secretary Mnuchin. 

Trump announced plans to unveil policies on drug and semiconductor tariffs within the next week. While the initial drug tariffs may start on a smaller scale, he expects them to eventually reach 250%, significantly impacting drug prices.

Regarding tariffs on India, Trump stated that he plans to substantially increase them within the next 24 hours, citing India as the highest-tariff country.

In pre-market trading, US stock futures saw a modest uptick. Nasdaq 100 futures rose 0.27%, Dow futures increased 0.1%, and S&P 500 futures climbed 0.18%.